“It is a capital mistake to theorise before one has data’ “

Arthur Conan Doyle

We’re New Change FX, an award winning FX data company.

We believe that the starting point to measuring anything is a yardstick that isn’t part of the system you are trying to measure, and we aren’t even physicists. If you measure from inside the system, you are kidding yourself. We started New Change to try and solve this problem for customers of the FX markets.

Our Story

It was back in the summer of ’06 (2006, we’re not that old) that we realised that FX liquidity was an illusion and that we were kidding ourselves about FX costs. We were managing investment portfolios and wanted to know what the execution costs were without relying on our broker’s view. That simple idea proved surprisingly complicated. The data to measure a trade always came from the broker – but so did the trade. This meant we couldn’t rely on the cost calculation. Sometimes it was right, sometimes complete nonsense. This was a pain because it meant that we were never able to measure consistently. And if your measurement isn’t consistent then you might as well see if it has some other use, because it’s no good as a measurement.

When we left that job we decided to try and fix the problem.   We began aggregating FX data and in the summer of ’14, we started publishing the first NCFX midrates. We still have that data, and every tick in between. We sell our data to banks and brokers, to corporations and investment managers, to asset owners, and even to other TCA providers.

Our Vision

We want everyone to have access to the cost of FX – and therefore to be able to choose what they pay.

Meet the team

Andy Woolmer


Andy Woolmer began his career in FX at Kleinwort Benson in 1994. After periods at Citibank and Prudential he worked at SEB as Portfolio Manager for the SEB Multi-Manager Currency Funds. In 2012, he founded the groundbreaking financial technology company New Change FX, which provides an independent live streaming mid-rate for foreign exchange. He is a leading expert in transaction cost analysis, and he has been a key advisor for various global regulatory bodies over the development of independent foreign exchange benchmarks. NCFX’s clients include some of the world’s largest pension funds, asset managers, and banks.

Toby Johnson


Toby began his career at Chemical Bank in 1993 and after a period at AIG came to work at SEB where he became the Head of Research for the Multi-Manager Currency Funds. Since 2012 he has been involved in risk management for currency exposures and is now heading our research into improving FX measurement processes.

Will Beck


Will’s career in finance started with Cazenove & Co in the early 1990s as an equity analyst. He spent most of that decade in Asia, where he became head of regional utilities research with SG Securities. He returned to London as a senior corporate analyst with PwC until 2005, when he set up his own investment management and corporate finance boutique, WAM Capital LLP.

Richard Brys


Richard has over 15 years’ experience in the technology sector, developing & delivering leading market solutions for companies across the EU & Australia. With a strong focus on delivering client value using the latest innovations, Richard’s focus is on delivering New Change FX’s technology strategy. In addition to working with New Change FX, Richard is actively involved in the UK’s fast growing technology scene, mentoring in technology & business at both UCL University and Level 39 (Europe’s largest technology accelerator for Finance tech).

Xavier Porterfield CFA

Head of Research

Xavier began his career at Idea Global, a research house based in London in 1997. He then joined FX Concepts to work in research in 1998 and stayed there until moving back to Paris in 2009. Since then Xavier has been involved in research and development in the currency field, and has been instrumental in the development of the New Change FX benchmarks.

Louise Harris

Senior Consultant

Louise began working for FT Interactive Data in 1997 before joining Russell Mellon in 2002 where she was responsible for the currency overlay manager universe. Louise then joined Millennium Global Investments in 2005 where she worked closely with Local Authority Pension Schemes in managing their currency risks. Louise continues to work in the pensions area for New Change FX.

Peter Harwood

Head of Business Development

Peter began his career in 1989 at Citibank in the Foreign Exchange department. He traded FX for various banks before moving to the Executive Search industry in the mid nineties covering a range of financial institutions. Latterly, he served on the board of Principal Search Ltd and then founded Engage Search Ltd in 2010, a successful boutique search firm specialising in senior level Foreign Exchange appointments.

Tom Nielsen

Senior Consultant

Tom began his career in Danske Bank Foreign Exchange in 1986 in Copenhagen before moving with the bank to London in 1987. From 1992 to 2002 Tom worked for Chase JPMorgan developing their Nordic franchise in FX Trading and FX Sales/Options Sales. Tom finished his active trading career at RBC London and since 2007 has focussed his trading expertise on the evolving electronic markets as a consultant to both buy and sell side businesses.

Susana Romero Miguel

Senior Consultant

Susana has over 20 years experience in Capital Markets. She started her career in Foreign Exchange in Brussels with ING before moving with the Bank to London in 1998. From 2003 to 2015, Susana worked for Royal Bank of Canada in FX Sales/Options Sales working very close to the developers of their electronic platforms.

Corporate Responsibility

New Change FX adhere to the principles set out in the following international codes of ethical conduct: OECD Guidelines for Multinational Enterprises, UN Global Compact, UN Guiding Principles on Business and Human Rights, ILO Conventions: Child Labour (C138, C182); Forced Labour (CO29, C105); Discrimination (C100, C111); Freedom of Association (CO87, C098).


Financial Times

Asset managers strive to cut out banks from forex dealing. The bilateral nature of foreign exchange markets naturally leads to significant informational asymmetries between dealers and clients” Can direct peer-to-peer trading in wholesale currencies trading be...

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After a review Coalface Capital chooses NCFX

Declan McEvoy, CEO, Coalface Capital says: “We conducted a review of possible providers of “true-mid” pricing for our automated trading system and decided on NCFX. Their methodologies and accuracy are the best in the market” “That Coalface Capital has chosen the New...

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Optimising Market Impact with an efficient trading frontier. The ability to trade depends on sufficient market depth and diversity of participants. Each new trade jolts the market out of equilibrium, skewing the market away from the mid-rate. Market impact costs arise...

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